A useful way to think about this: capital allocation and risk allocation are not the same thing. Three quick checks before you act: 1. Name the mechanism in plain English: Two positions can each be 10% of capital and still contribute wildly different amounts of risk. 2. Say why it matters for behavior or portfolio decisions: That matters because portfolio discipline lives in risk contribution, not in capital symmetry. 3. Set the review question: A useful review question is which funding, incentive or cash-flow channel is actually doing the work. In practice: A high-volatility sleeve can dominate the emotional experience of the portfolio even when its capital weight looks modest. Watch for: The mistake is assuming equal capital weights mean balanced exposures. That is usually where the edge is: not in the vocabulary, but in the structure underneath it.